The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDCs) under the revised Regulatory and Supervisory Guidelines for BDC operations, marking a significant step in the apex bank’s efforts to strengthen oversight of the foreign exchange market.
The acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, said the approvals were made in line with its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 revised guidelines for BDC operations.
While the licences took effect on November 27, 2025, the apex bank emphasised that only BDCs listed on its official website are authorised to operate, adding that the list will be continuously updated to allow public verification.
CBN further cautioned the public against engaging with unlicensed operators. It also warned that running a BDC without a valid licence is a punishable offence under Section 57(1) of BOFIA 2020.
“Members of the public are hereby advised to note and be guided accordingly,” Ali added in a statement.
The licencing initiative is part of the CBN’s broader plan to sanitise the retail foreign exchange sector, enhance transparency, and ensure that only compliant operators participate in the market.